29 2nd St Catasauqua, PA 18032-2806

Property Details for 29 2nd St

Year built

1870

Construction

TYPE NOT SPECIFIED

Lot size

0.10 lot acres

Property size

2,798 SF

Zone code

R2

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

640818703348-1

APU

6408187033481

Description

This exceptional investment opportunity in Catasauqua, Pennsylvania presents a 10-unit apartment building with significant value-add potential. The property, located at 29 2nd St, boasts 3,500 square feet on a 4,530 square foot lot and is zoned R2 - MDR. Currently generating over $65,000 in gross rental income and a Net Operating Income (NOI) of $39,406, the property offers a 7.37% cap rate with a pro-forma cap rate of 8.80% and a pro-forma NOI of $47,085. The building, constructed in 1870 and comprised of two buildings across three stories, includes a mix of unit types: four units feature private kitchens and bathrooms, while others share bathrooms. Three additional garage spaces generate supplemental rental income. The property also benefits from the recent installation of a new roof (within the last two years), mitigating significant capital expenditure concerns. Several units already utilize Ratio Utility Billing Systems (RUBS), presenting a clear path to increase revenue by implementing RUBS across remaining units and utilities. The asking price is $535,000, or $53,500 per unit. This property represents a compelling opportunity for investors seeking strong returns and value-add potential in a desirable location. The Halyard Group currently owns the property.